Cash 311 112 Accounts receivable 312 114 Inventory 314 115 Prepaid rent 321 116 Supplies 322 Common stock PIC in excess of par, CS Retained earnings Treasury stock Paid-in capital, TS 126 Equipment 411 Sales 127 Acc. depr. - Equip. 412 128 Furniture 511 Sales returns and allowances Cost of merchandise sold 129 Acc. depr. - Furniture 513 Rent expense 211 Notes payable 514 Supplies expense 212 Accounts payable 515 Depreciation expense 221 Cash dividends payable 519 911 Income summary Miscellaneous expense Step 1: Journalize the following transactions for a new corporate retail company, Boats & More, Inc., for 20X5. Enter the following on page 1 of the general journal. 111 1/1 2/1 2/15 3/1 4/20 6/30 8/17 9/2 Issued 40,000 shares of $4 par value common stock for $10 per share. Paid rent for the January through December, $12,000. Purchased equipment on credit, $2,600. Purchased inventory, paying $220,500. Paid cash for furniture for the office, $6,500. Paid cash for supplies, $720. Received cash for inventory sold, $65,000. The cost of the sold inventory was $39,600. Sold inventory on credit, $121,000. The cost of the inventory sold was $84,000. Received a partial return of $14,000 of merchandise. Credit of $21,200 was granted to the customer. Enter the following on page 2 of the general journal. 9/30 Declared a dividend of $.20 per share. 10/5 Paid off a portion of the equipment purchased on 2/1, $1,400. M0/30 Paid the dividend declared on 9/30. 11/15 Purchased 3,000 shares of their own stock for $12. 11/30 Received a cash payment from a customer for a prior purchase on credit, $20,800. 12/15 Paid $50 for miscellaneous expenses. 12/31 Declared a dividend of $.25 per share. Step 2: Post the journal entries in Step 1 to a four-column general ledger. Step 3: Prepare an unadjusted trial balance for Boats & More, Inc. as of December 31, 20X5.